Common use of Option Exercise Procedure Clause in Contracts

Option Exercise Procedure. a) Exercise of the Option shall be accomplished by delivery to the Company, pursuant to Section 9 of this Agreement, of (i) a timely and completed written notice of election to exercise in the form attached to this Agreement as Exhibit “A” (the “Exercise Notice”), (ii) payment of the Exercise Price for the Option Shares to be exercised, and (iii) payment for any applicable withholding taxes as provided in Section 6 of this Agreement. b) The Option may be exercised by a broker-dealer acting on behalf of the Employee if (i) the broker-dealer has received from the Employee or the Company a copy of this executed Agreement, and instructions signed by the Employee requesting the Company to deliver the Option Shares to the broker-dealer on behalf of the Employee and specifying the account into which such shares should be deposited, (ii) adequate provision has been made for the payment of any withholding taxes due upon such exercise, and (iii) the broker-dealer and the Employee have otherwise complied with Regulation T as promulgated by the Federal Reserve Board. c) As soon as practicable after each timely exercise of the Option and compliance by the Employee with all applicable conditions under this Agreement and the Plan, the Company shall mail or cause to be mailed to the Employee at the address specified in the Exercise Notice one or more stock certificates registered in the name of the Employee for the number of shares of Common Stock which the Employee shall be entitled to receive upon such exercise under the provisions of this Agreement and the Plan.

Option Exercise Procedure. (a) Exercise of the Option shall be accomplished by delivery to the Company, pursuant to Section 9 of this Agreement, of (i) a timely and completed written notice of election to exercise in the form attached to this Agreement as Exhibit “”A” (the “Exercise Notice”), (ii) payment of the Exercise Price for the Option Shares to be exercised, exercised and (iii) payment for any applicable withholding taxes as provided in Section 6 of this Agreement. (b) The Option may be exercised by a broker-dealer acting on behalf of the Employee Director if (i) the broker-dealer has received from the Employee Director or the Company a copy of this executed Agreement, and instructions signed by the Employee Director requesting the Company to deliver the Option Shares to the broker-dealer on behalf of the Employee Director and specifying the account into which such shares should be deposited, (ii) adequate provision has been made for the payment of any withholding taxes due upon such exercise, and (iii) the broker-dealer and the Employee Director have otherwise complied with Regulation T as promulgated by the Federal Reserve Board. (c) As soon as practicable after each timely exercise of the Option and compliance by the Employee Director with all applicable conditions under this Agreement and the Plan, the Company shall mail or cause to be mailed to the Employee Director at the address specified in the Exercise Notice one or more stock certificates registered in the name of the Employee Director for the number of shares of Common Stock which the Employee Director shall be entitled to receive upon such exercise under the provisions of this Agreement and the Plan.

Option Exercise Procedure. (a) Exercise of the Option shall be accomplished by delivery to the Company, pursuant to Section 9 of this Agreement, of (i) a timely and completed written notice of election to exercise in the form attached to this Agreement as Exhibit “”A” (the “Exercise Notice”), (ii) payment of the Exercise Price for the Option Shares to be exercised, and (iii) payment for any applicable withholding taxes as provided in Section 6 of this Agreement. (b) The Option may be exercised by a broker-dealer acting on behalf of the Employee if (i) the broker-dealer has received from the Employee or the Company a copy of this executed Agreement, and instructions signed by the Employee requesting the Company to deliver the Option Shares to the broker-dealer on behalf of the Employee and specifying the account into which such shares should be deposited, (ii) adequate provision has been made for the payment of any withholding taxes due upon such exercise, and (iii) the broker-dealer and the Employee have otherwise complied with Regulation T as promulgated by the Federal Reserve Board. (c) As soon as practicable after each timely exercise of the Option and compliance by the Employee with all applicable conditions under this Agreement and the Plan, the Company shall mail or cause to be mailed to the Employee at the address specified in the Exercise Notice one or more stock certificates registered in the name of the Employee for the number of shares of Common Stock which the Employee shall be entitled to receive upon such exercise under the provisions of this Agreement and the Plan.